Cryptocurrency

Monero [XMR], Solana [SOL], and their redemption journey post 16 May

(*16*)

Unlike Crypto OGs, newbies and paper fingers within the crypto house aren’t aware of the favored saying “with hardship comes ease”. 

With FUD at an all-time excessive final week following crypto markets correction, the value of Bitcoin and a number of different altcoins plummeted.

However, final weekend was marked with a retracement as most cryptocurrencies tried a restoration.  Solana’s SOL and Monero’s XMR have been among the many finest performers as they recorded intraday buying and selling highs on 16 May.

Recording a excessive of $174 throughout 16 May’s commerce, a 19% increment was marked from the $146 value index recorded by XMR on 13 May. Similarly, at an intraday buying and selling excessive of $58, SOL recorded a 13% value spike from the $51 marked on 13 May.

However, earlier than traders turn into joyous, a better take a look at efficiency within the final 24 hours is pertinent.

A redemption on your SOL

With a 4% spike in value recorded within the final 24 hours, an SOL token bought for $56 on the time of writing. Comparatively, in a 7-day window interval, the coin declined by 19%. However, with a crypto market retracement underway, a speedy restoration is anticipated. 

Source: CoinMarketCap

Following an identical development was the token’s market capitalization. At $18,913,459,121 on the time of press, the market cap recorded a 3% spike within the final 24 hours.

Furthermore, though under the 50 impartial area, the RSI and MFI seemed to be in an uptrend at press. An extra push into the impartial area may be anticipated because the momentum appears to be like favorable. 

1652822540 982 Monero XMR Solana SOL and their redemption journey post 16

Source: TradingView

Do you HODL some Monero?

After buying and selling at a low of $128.00 on 15 May, XMR on Monday (16 May) hit an intraday excessive of $174. Although this was adopted by a retracement, within the final 24 hours, the value of the token rallied by 3% leaving the value per Monero token at $170.17 on the time of press. 65% away from its ATH of $517.62, with the market correction and consequential restoration, perhaps HODLers may need a purpose to smile quickly.

A take a look at the value charts revealed that an intersection of the MACD line with the development line in an upward course was underway. This is usually indicative of accelerating shopping for strain which could additional assist increase the value of this token. 

1652822540 794 Monero XMR Solana SOL and their redemption journey post 16

Source: TradingView

In addition, standing at $3.08b on the time of press, the market capitalization for the XMR token noticed a 1% spike within the final 24 hours. Marking a excessive of 187.96m in transaction quantity on 16 May, within the early hours of 17 May, this stood at 182.09m and is anticipated to go increased.

1652822540 513 Monero XMR Solana SOL and their redemption journey post 16

Source: Santiment

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